Rank the following in ascending order o f Home welfare and justify your answers. If two items are equivalent, indicate this accordingly.
a. Tariff of t in a small country corresponding to the quantity of imports M.
b.Quota with the same imports M in a small country, with quota licenses distributed to Home firms and no lobbying.
c. Quota of M in a small country with quota licenses auctioned to Home firms.
d.Voluntary export restraint of M in a small country.
e.Quota of M in a small country with quota licenses distributed to Home firms due to lobbying.
c. Quota of M in a small country with quota licenses auctioned to Home firms.It thus means that certain firms in the home country shall have the privilege of distributing theconcerned…
